Pindyck, Robert S. - 2020 - This draft: May 11, 2020
stronger actions to reduce CO2 emissions. Second, uncertainty interacts with two kinds of irreversibilities. First, CO2 remains … in the atmosphere for centuries, making the environmental damage from CO2 emissions irreversible, pushing us to earlier … and stronger actions. Second, reducing CO2 emissions requires sunk costs, i.e., irreversible expenditures, which pushes us …